A Sovereign Fund of Saudi Arabia, Public Investment Fund (PIF), announced in 2015 its intention to invest $10 billion in the Russian economy through partnership with the Russian fund.

The funds have invested in petrochemicals, energy, transport infrastructure and retail. Saudi Arabia also expressed interest in working with Russia in the railway industry, space exploration and peaceful nuclear energy.

Russian banks and a joint Russia-China investment fund are eager to participate in Saudi company Aramco’s initial public offering (IPO). Riyadh plans to sell about a 5 percent stake in its national oil company in a record listing.

“We have a Russia-China investment fund, and through that Russia-China investment fund we see a major interest in the Aramco IPO from a number of leading Chinese institutions,” Dmitriev said.

“We see significant interest to invest in the Aramco IPO from Russia, from China, and we believe that this is very good for, once again, thinking jointly about oil.”

The RDIF and Aramco also plan to invest up to $1 billion in Russia’s largest independent driller, Eurasia Drilling.